Money as a medicum of exchange om solving the problem of double coincidence of wants
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1.everyone prefer payment in money
2.a person holding money can easily exchange it for the commodity he wants
3.now a shoemaker does not need to search a farmer who will exchange wheat for shoes.
4.it has reduced the barter system
5.money acts as a medium of exchange by solving the prblm of double coincidence of wants
...................hope it helps................
2.a person holding money can easily exchange it for the commodity he wants
3.now a shoemaker does not need to search a farmer who will exchange wheat for shoes.
4.it has reduced the barter system
5.money acts as a medium of exchange by solving the prblm of double coincidence of wants
...................hope it helps................
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